Cloud ERP Market Overview:
Cloud ERP refers to the Enterprise Resource Planning software hosted on a cloud computing platform). Cloud ERP is currently trending among all small, large & medium businesses, mainly due to the features it offers. Such as a range of activities, supporting an enterprise to manage various aspects of its business; for instance HCM, Finance, Purchase, CRM etc.
The Global Cloud ERP Market is experiencing a rising traction owing to its augmented uptake across business set-ups worldwide. Two predominant factors like lower capital expenditures and a significantly decreased IT cost makes it the most practical & integral solution for the growth of the business. Resultantly, the market has increased tremendously in recent years and is expected to grow rapidly further during the forecast period.
Considering the rapid market expansion, & the growth potential Cloud ERP holds, Market Research Future recently published an in-depth study report, giving out the complete market insights for the period 2016 – 2022. In its analysis MRFR asserts that the global Cloud ERP market is forecasted to grow to ~ USD 28 Billion by 2022, registering a staggering 8% of a CAGR during the review period.
Owing to the increasing industrialization & globalization, Enterprises, especially small & medium businesses are growing leaps & bounds. Evidently, a growing business predominantly need is, to scale up the productivity to match up the potential growth of the business. This defines the augmented demand & uptake of the Cloud ERP software across industries, which eventually increases the market size. In addition, another advantage of Cloud ERP, that it provides access to full-function applications at a reasonable cost. This factor is working as a key factor propelling the market growth.
On the other hand, factors such vulnerability of data Security coupled with the possible challenges presented during the migration to cloud like incompatibility with legacy systems, may pose some challenges to the market growth during the anticipated period. Adversely, one of the aspects of the Cloud ERP – software as a service (SaaS) which allows increasing accessibility via the internet and enables users to share and transfer data across departments in real time, is expected to provide impetus to the market growth to an extent.
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Major Key Players:
Oracle Corporation (US), Microsoft Corporation (US), SAP SE (Germany), Ramco Systems (India), Infor (US), IBM Corporation (US), Netsuite Inc. (US), Sage Group Plc. (UK), Totvs S.A. (Brazil), and Syspro (South Africa) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Cloud ERP Market.
Cloud ERP Global Market Competitive Analysis:
The Cloud ERPmarket is fiercely competitive with the presence of several large and small players operating in the market. Growth in terms of product innovations and technologies in the market are also expected to create strong investment opportunities for the global players.
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Industry/ Innovation/ Related News:
April 02, 2018 – Microsoft Corporation (US) a technology giant, rolled out its “Tenerife” ERP service – Dynamics 365 Business Central for small and midsize businesses (SMBs).
April 02, 2018 – Oracle Corporation (US) a technology giant, announced three new products within its CX (Customer Experience) – 1. Infinity Cloud Suite, an analytics application, (2) CX Audience, a powerful, easy-to-use segmentation tool for marketers, (3) Loyalty Cloud, a new cloud service. On the occasion, Oracle also announced that it will be adding several new AI-powered capabilities across sales, marketing, and commerce.
March 13, 2018 – Sloan Valve Company (US), specializing in plumbing valves and fixtures announced that, to better position the plumbing products manufacturer for growth, Sloan has facilitated two ERP transitions in successive years while also outsourcing ERP in a hybrid cloud model.
Cloud ERP Market Segments:
For the convenience of the report and enhanced understanding; MRFR has segmented the Global Cloud ERP Market into 4 key dynamics
By Deployment Types : Comprises Public, Private and Hybrid among others
By Organization Sizes: Small and Medium Enterprises & Large Enterprises
By Verticals: BFSI, Manufacturing, Healthcare, Government, Retail, Aerospace, IT & Telecommunications and Defence, among others.
By Regions: North America, Europe, APAC and Rest of the World.
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Cloud ERP Market Regional Analysis:
Globally, North-America dominates the Cloud ERP Market with the largest market share owing to the presence of numerous cloud ERP solution vendors coupled with the wide adoption of ERP technology across the US and Canada.
Whereas the Cloud ERP Market in Europe is expected to grow at substantial CAGR during 2016 to 2022.
While, owing to the emergence of a large number of small and medium enterprises in the rapidly transforming economies like India, China, and Japan, the Asia-Pacific market for Cloud ERP is expected to grow at a considerable CAGR during 2016-2022.
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